
The Secretary, BSE Limited Scrip Code: 500470 |
The Manager, G Block, Symbol: |
Dear Madam, Sirs,
Sub: Acquisition of equity stake in TSN Wires Company Limited
This is in reference to the abovementioned subject.
The
On
Further details of the said acquisition are enclosed herewith as Annexure.
This disclosure is being made pursuant to Regulation 30, 51, Schedule III and other applicable provisions of the
This is for your information and records.
Encl.: Annexure
Annexure
SN |
Particulars |
Details |
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1. |
Name of the target entity, details in brief such as size, turnover etc. |
( ₹ crore)
On |
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2. |
Whether the acquisition would fall within related party transaction(s) and whether the promoter/promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at "arm's length" |
No
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3. |
Industry to which the entity being acquired belongs |
Steel Industry |
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4. |
Objects and impact of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity) |
The acquisition of 40% equity stake in TSN Wires by SIW will result in TSN Wires becoming a wholly owned subsidiary of SIW. This will enhance synergies and improve efficiency in management of SIW and TSN Wires. |
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5. |
Brief details of any governmental or regulatory approvals required for the acquisition |
None |
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6. |
Indicative time period for completion of the acquisition |
Within one month of execution of the Share Purchase Agreement. |
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7. |
Consideration - whether cash consideration or share swap or any other form and details of the same |
Cash consideration |
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8. |
Cost of acquisition and/or the price at which the shares are acquired |
Nominal Consideration of |
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9. |
Percentage of shareholding/ control acquired and/or number of shares acquired |
SIW will acquire 40% stake in TSN Wires. |
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10. |
Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief). |
TSN Wires was incorporated on
( ₹ crore)
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